Large Bitcoin holders continue to build their position even as BTC nears an all-time high.
The price of Bitcoin is now whiskers away from the previous $68,790 high reached in 2021. Yet, according to on-chain data, many of the cryptocurrency’s biggest holders are still accumulating more tokens.
In the past seven days, large Bitcoin holders or whale addresses have added 4,177 BTC (approximately $279 million) to their positions. These purchases have come amid Bitcoin’s jump from around $62,000 to $68,000, indicating that investors still favor higher prices in the coming months.
Large Bitcoin holders increased their holdings by 4177 $BTC in the last 7 days, worth more than 279 million at current prices
🔗https://t.co/TW9Cvy6ToV pic.twitter.com/akj8KV4rXT— IntoTheBlock (@intotheblock) March 5, 2024
While it is difficult to unmask the entities buying the coins, a portion of the reported increase may include those from recently approved Bitcoin ETFs. On Monday, the ETFs recorded an inflow of $562 million, helping boost Bitcoin’s price to the latest market figures.Â
Whales Go Against the Norm as Bitcoin Aims for New Record
The latest development involving Bitcoin whales notably goes against the norms, as such investors typically accumulate BTC at its lows and exit the market at higher price levels. Nonetheless, a continued accumulation near Bitcoin’s all-time high reflects a changing landscape as BTC attempts a new record.
The leading cryptocurrency usually breaks its previous all-time high after its pre-programmed four-year halving event. However, the advent of the Bitcoin ETFs and the influx of institutional capital has put BTC on the cusp of reaching a new high before the halving next month.
If Bitcoin breaks the record, many analysts anticipate that prices could go much higher, more than doubling its previous high in the past market cycle. Some of the most bullish predictions tip Bitcoin to cross $100,000 for the first time, with others forecasting prices as high as $500,000 within the next 18 months.